The Aftermath by Gaurang Bhatt, MD
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The Aftermath
by Gaurang Bhatt, MD Bookmark and Share


America ' The idiocy of the American electorate in electing retarded Republican Bush has led to doubling of the national debt, galloping inflation, increasing job losses, collapsing economy, trillions lost by individuals, corporations and pension plans and loss of American prestige. Republicans are selfish immoral intellectually bankrupt slaves of the rich. Clinton Democrats and Blair laborites are mere incompetent imitators of the Republicans.

The upcoming election results will be a measure of the stupidity of the public more interested in abortion, gay marriage, sham capitalism, religious and other bigotries. Obama who had exploited the idea of change may win but if he still follows warmongering, pandering to Israel at the cost of national interests, he will at best only reduce the pace of worsening instead of McCain who will take us over the precipice sooner and faster.

The reality is that round the clock printing of dollars by the Federal Reserve will neither reflate the economy, nor put a floor on home prices or a ceiling on inflation or budget, trade and current account deficits. Sooner or later there will be a national outcry against expensive foreign wars and their persecution by any president will be impossible because of refusal to accept the cost in blood and treasure. Both lying presidential contenders said that the current economic crisis will not alter their spending plans and priorities. They both vowed to blindly support Israel, ignoring the final comments of the outgoing hawkish Israeli prime minister Ehud Olmert, who unequivocally stated that Israel would have to vacate the West Bank and share Jerusalem with a new Palestinian State, return Golan Heights for a peace deal with Syria and abandon the threats of attacking Iran, if it wants to live in peace and security.

Other countries will balk from financing American deficits and policies, even allies like Japan and the EU. It will take decades to repair the emotional, financial and political damage. There are some diehard Obama supporters who believe that Obama is triangulating to the center to win the general election, but will show his true liberal and populist colors by ceasing all wars and favoring the lower socio-economic masses. He has taken so much money from vested interests and has the same tired hacks like Rubin, Brzezinski etc. as key advisers, to usher in new and sensible policies like those espoused by Ron Paul or Ralph Nader.

Ten million home owners owe more in mortgage or home equity debt than the present market value of their homes. They either paid highly inflated prices far above real value when they bought their homes, or extracted too much money from their houses via home equity loans, often for conspicuous or foolish consumption. Thus home prices will continue to decline, further accelerated by job losses, sinking or flat incomes and by paying down debts reducing consumer spending and home buying. Many individual and state government pension funds and state budgets are in bad shape. This will compel individuals to work longer, postpone retirement and state and federal governments to raise taxes and reduce services. The lack of capital, increased regulation and oversight and the prolonged poor economy will prevent corporations from increasing their earnings and dampen market recovery. 

Most people are unaware that the British have announced plans to withdraw from Afghanistan in the near future and their diplomat and general in Afghanistan have declared that war is unwinnable and Karzai is an abject failure. The French and Germans have refused to increase troop strength and policy in any significant way. Pakistan stopped resupply of NATO troops from Karachi to Kabul and threatens to do so if the US troops cross into Pakistan in hot pursuit. Saudi Arabia just convened a peace conference with Taliban and Afghan government representatives with full clearance from America. Increased belligerence and finger pointing will prompt Russia, China, North Korea, South Korea, Latin America and Islamic countries to gang together to oppose US policies and interests. Iraq's prime minister Maliki refuses to give blanket immunity to US troops and forced idiot Bush to agree to a deadline for withdrawal which he was unwilling to announce for five years. No country pays the slightest heed to Bush's gibberish announcements, threats or idiotic ranting, not even North Korea. Even his own party prevented him from going to the Republican convention.

European investors and institutions have lost trust in US securities because of the toxic junk assets that were peddled as triple A by our rating agencies and which have clogged the EU banks and financial institutions and brought the entire world financial system to its knees. The world is at crossroads between two evil forces battling for supremacy. They are deflation and inflation and within a few weeks one or other will triumph or even worse their joint progeny 'Stagflation' may triumph, as Zeus overthrew his Titan parents. It will be gold, oil and commodities which will foretell who triumphs. Currencies are now backed by nothing and have become fiat paper of no value, as all countries run the printing presses overtime. Stocks and bonds are of dubious value as governments allow fictional accounting known as lying on balance sheets. It will need an astute investor a lot of time and effort to read between the lines on annual reports to pick out the good companies from the Enrons, WorldComs, Lehman, AIG and other bogus ones, now permitted to falsify their junk assets as gilts and goodwill a tangible asset.

Unique amongst all countries is the stupid UPA government of India which is the only rat to board a sinking ship instead of abandoning it, by first boarding the sinking Soviet ship when the West was triumphant and now is boarding the sinking ship of America when Russia is likely to be triumphant. It reminds me of the tragic fate of Babruvahana by the wily craft of Krishna, but devoid of his honorable motives and moral courage. The stupid Indian government has bet all its chips on Karzai and against the Taliban who may win out as America involves them in the peace process and offers to share power with them. India should hold its nose and use its resources to favor the Northern Alliance, even though they are equally bad. It should have put in more effort by joining the Shanghai Cooperative Organization and joined Russia and Iran in thwarting a return of the Taliban which colluded with Pakistani terrorists during the hijacking of the Indian Airlines plane. Afghanistan and Pakistan must be dismembered into small states most of them landlocked to prevent the spread of militant Islamic terrorism and deprive Indian Muslims of divided allegiance.  

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11-Oct-2008
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